JPMorgan Plans Up to 4,000 Job Cuts

by Christopher Freeburn | February 26, 2013 12:24 pm

JPMorgan Plans Up to 4,000 Job Cuts

JP Morgan 300x199 JPMorgan Plans Up to 4,000 Job Cuts[1]JPMorgan Chase (NYSE:JPM[2]) is planning to cut its workforce this year[3], mostly through attrition in order to reduce expenses and boost profits.

The bank says it will shed between 3,000 and 4,000 workers by the end of 2013. Most of the cuts are expected to come at its branches, which employ 63,500 workers. The number of employees at local branches is anticipated to fall 20% by 2015, Reuters noted.

While other banks have reduced their number of local branches, JPMorgan has continued to open new branches. It expects to add about 100 branches this year. However, it will shift its staffing focus away from tellers and toward financial services and asset management personnel to increase sales and cater to wealthier customers.

JPMorgan has previously announced plans to cut between 13,000 and 15,000 jobs over the next two years. The bank has a worldwide workforce of about 258,695 employees.

A number of other banks have recently announced staff cuts, including:

Shares of JPMorgan Chase slipped fractionally in Tuesday midday trading.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/05/JP-Morgan.jpg
  2. JPM: http://studio-5.financialcontent.com/investplace/quote?Symbol=JPM
  3. planning to cut its workforce this year: http://www.reuters.com/article/2013/02/26/us-jpmorgan-jobs-idUSBRE91P0GX20130226
  4. ING: http://studio-5.financialcontent.com/investplace/quote?Symbol=ING
  5. in its European operations: http://investorplace.com/2013/02/ing-to-cut-2400-more-jobs/
  6. BCS: http://studio-5.financialcontent.com/investplace/quote?Symbol=BCS
  7. post-LIBOR scandal restructuring: http://investorplace.com/2013/02/305781/
  8. C: http://studio-5.financialcontent.com/investplace/quote?Symbol=C
  9. mostly in its global consumer banking business: http://investorplace.com/2012/12/citigroup-to-eliminate-11000-jobs-shares-jump/

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